Welcome bonus, while might not be that big of a deal for experienced traders, is actually quite an important factor for beginners Some might even argue that beginners should choose a broker with a good welcome bonus program in mind, and that’s why in this article today, I’ll be giving my advice regarding this matter as well as the list of the best ECN brokers 2019 that I consider to be the best for beginners.
- Standards of a good welcome bonus program
Firstly, I’d like to give some of my standards for choosing a broker based on its welcome bonus program:
- Easy withdrawal conditions
Some brokers have very strict withdrawal policies to prevent potential exploitation, which is why it’s a sensible thing to choose a broker with loose withdrawal policies. Do note that most brokers nowadays don’t allow its traders to directly withdraw bonus money but instead, the traders would have to trade for a certain amount of lot and withdraw the profits later on. More details regarding the withdrawal conditions of some of the best brokers are as follow:
- XM has quite a loose trading policy since you need only to have traded 0.1 lot in order to withdraw your trading profits.
- FXTM’s withdrawal policy is a little bit stricter which is 1 lot. It’s still in the acceptable range and should be relatively easy to achieve.
- FBS has 123 bonus programs, with the maximum welcome bonus being $123. For each lot traded, you can only withdraw $3 maximum. For instance: you can only withdraw $60 profits as long as you have traded at least 60 lots.
- High amount of bonus
Obviously, we all want to get as much money as possible from our bonuses. From what I’ve gathered, FBS is currently the best in term of amounts of bonuses with the highest welcome bonus attainable being $123, while XM and FXTM offer about the same amount of welcome bonus which is $30.
- Reliable forex brokers
While this might not be that big of a deal for beginners since they don’t often invest that much, a broker’s credibility as well as reliability should not be entirely ignored. As for me, after years of trading, I personally find XM to deliver the best trading services.
- Current brokers with the best welcome bonus programs
As promised in the introduction of the article, here’s my list of the brokers that have the best forex welcome bonus 2019.
Personally, I’d advise you to go with XM since not only their bonus programs are great, they also have the better services and trading conditions comparing to the other brokers.
- Should we choose brokers with good bonus or low spread?
A rookie mistake that most beginners often make is that they always choose brokers with good bonus programs to start their career. When you really think about it, a good bonus program will certainly help you at first, but eventually, you’d gain more from trading with the brokers that offer low spread, which is why I think it’s important for beginners to first decide for themselves what’s their trading plans and tactics. But still, when you’re dealing with large amounts of money, you’d want your broker to be somewhat trustworthy and reliable and that’s why I consider a broker’s credibility to be quite important as well.
- Other types of bonuses
Beside welcome bonus, most brokers also offer different types of bonus programs such as Deposit bonus and Lot back bonus. The details for each of these bonuses are as follow:
Deposit Bonus: As its name suggests, this is the bonus program that increase your deposition by x%. You can actually make a lot of money from this profit as long as you deposit an equally large amount of money.
Lot back bonus, or Loyalty bonus: This is the bonus program that most experienced traders prefer since the program rebates a part of your transaction back to your account, which means that this program reduces the trading costs in a way.
For example: XM’s spread for the EUR/USD currency is 1.4 pip and the rebate amount are $3 for each trading lot completed. This means that you only need to pay $11 for each EUR/USD lot instead of the whole $14 of the original spread.
5. TOP 4 GOOD FOREX BONUSES.
In conclusion, I’d like to end this article by listing my personal top brokers with their best bonus program:
- Best welcome bonus – XM: 30$ welcome bonus
- Best welcome bonus – FBS: 50$ welcome bonus
- Best deposit bonus – XM: 100% deposit bonus
- Lot Back Bonuses – Exness reviews: Rebate 2 – 16$ per lot
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